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Anyone with experience in oil tank leakage and waiver for seller regarding no further liability?
About 20 yrs ago, we DRAINED an oil tank but left the tank as it was enclosed under a porch...(we added gas/propane at the time). Now same home is under contract but a structural engineer cited oil tank leakage (at some time), oil fumes in surrounding soil etc.
Since it has been so long since oil has been in the tank, the buyer agrees to assume all liability on the tank and any cleanup that might be needed in the future. (and I reduced their price a bit).
I would have gotten a soil sample but then it MUST be sent to local and state agencies.....am going to ask my atty to draw up a waiver for me as seller, as in NC it seems any owner since 1984 with oil/soil issues could be liable soil/water contamination-the well is very close to the same area.
Any recommendations, comments, good or bad stories???
I think the buyers would be nuts to take an oil tank waiver like that. Out here with fumes you could be looking at benzene in the air which would require a radon like mitigation system to protect the homeowner and neighbors if they can't remove the soil. I just had some clients that had a $14,000 cleanup bill. Only a crazy buyer would agree to a full waiver without knowing what they are dealing with.
You may have a buyer crazy enough to do it. Who knows.
It's still in the ground? Yikes, we had VA State DEQ (Dept. of Environmental Quality) on top of us when we had a rupture, along with paperwork that was filed with the EPA. I'm just amazed they didn't force the removal of your tank.
The tank has been empty for almost 20 yrs...it is not underground but is under a porch....so this leak was before then....and I had no idea this had occurred....until now.
my atty just said no waiver will help-just to make sure the final contract includes that buyer gets a reduced sell price in exchange for no repairs by seller including oil tank & any further necessary clean-up etc in future.
That is what I thought-asked my agt why the buyers are willing to take this on but got no reply.
Quote:
Originally Posted by Silverfall
I think the buyers would be nuts to take an oil tank waiver like that. Out here with fumes you could be looking at benzene in the air which would require a radon like mitigation system to protect the homeowner and neighbors if they can't remove the soil. I just had some clients that had a $14,000 cleanup bill. Only a crazy buyer would agree to a full waiver without knowing what they are dealing with.
You may have a buyer crazy enough to do it. Who knows.
Just FYI: we are signing a contract this week. It will read that buyer accepts all responsibility for tank removal and any further cleanup in the future, and after closing. I think that since the leak was 20 yrs ago and did not appear to be large area, buyers are not so worried. They were given a reduction in price in lieu of any more of my involvement with the tank.
I called a geologist for info and he too said it sounds like a minor leak, so I felt better about the entire deal.
Lucky me.... thanks for all the thoughts and comments!
Just glad to have a buyer in this miserable time for real estate!
Just FYI: we are signing a contract this week. It will read that buyer accepts all responsibility for tank removal and any further cleanup in the future, and after closing. I think that since the leak was 20 yrs ago and did not appear to be large area, buyers are not so worried. They were given a reduction in price in lieu of any more of my involvement with the tank.
I called a geologist for info and he too said it sounds like a minor leak, so I felt better about the entire deal.
Lucky me.... thanks for all the thoughts and comments!
Just glad to have a buyer in this miserable time for real estate!
Happy you sold.
You and the buyer have settled the issue. Now, zip-lip (shutup), smile, say nothing about tanks, oil, etc. in any way shape or form to anyone.
It is a dead issue for you....keep it that way....LOL
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